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| Version 2 | Version 3 |
|---|---|
| US judge overturns Stanford bail | US judge overturns Stanford bail |
| (about 5 hours later) | |
| A US judge has ruled that Texan billionaire Sir Allen Stanford should remain in jail until his fraud trial. | A US judge has ruled that Texan billionaire Sir Allen Stanford should remain in jail until his fraud trial. |
| The judge in Houston overturned a decision to allow him to leave prison on a $500,000 (£305,000) bail. | The judge in Houston overturned a decision to allow him to leave prison on a $500,000 (£305,000) bail. |
| Prosecutors argued he was a flight risk, saying Sir Allen's network of wealthy friends and dual citizenship could enable him to leave the US. | Prosecutors argued he was a flight risk, saying Sir Allen's network of wealthy friends and dual citizenship could enable him to leave the US. |
| The financier is facing trial over allegations he ran a $7bn (£4.2bn) scheme to swindle investors. | |
| Mr Stanford's lawyers said they were disappointed with the decision and would appeal against the ruling. | Mr Stanford's lawyers said they were disappointed with the decision and would appeal against the ruling. |
| Surrender | Surrender |
| US District Judge David Hittner revoked the bail order granted last week, which would have seen Sir Allen freed before his trial. | US District Judge David Hittner revoked the bail order granted last week, which would have seen Sir Allen freed before his trial. |
| Sir Allen remained in jail while the the government appealed against the earlier decision. | Sir Allen remained in jail while the the government appealed against the earlier decision. |
| The judge said the case presented by government prosecutors convinced him Sir Allen could potentially make efforts to leave the US in advance of his trial. | The judge said the case presented by government prosecutors convinced him Sir Allen could potentially make efforts to leave the US in advance of his trial. |
| "In total, the evidence proffered by the government is sufficient to weigh in favour of detention," he said. | "In total, the evidence proffered by the government is sufficient to weigh in favour of detention," he said. |
| Earlier, the Serious Fraud Office (SFO) in London froze $100m (£60m) of assets in London in connection with the case. | Earlier, the Serious Fraud Office (SFO) in London froze $100m (£60m) of assets in London in connection with the case. |
| These funds were allegedly acquired in connection with Sir Allen's suspected fraud scheme, the SFO said. | These funds were allegedly acquired in connection with Sir Allen's suspected fraud scheme, the SFO said. |
| The assets were frozen in April, but kept secret until after his arrest. | The assets were frozen in April, but kept secret until after his arrest. |
| Sir Allen Stanford surrendered to FBI officers earlier this month and was taken into custody. | Sir Allen Stanford surrendered to FBI officers earlier this month and was taken into custody. |
| He appeared in court a week later where he pleaded not guilty to fraud, conspiracy and obstruction. | He appeared in court a week later where he pleaded not guilty to fraud, conspiracy and obstruction. |
| The 59-year old faces spending the rest of his life in jail if found guilty on all charges. | The 59-year old faces spending the rest of his life in jail if found guilty on all charges. |
| Cricket tycoon | Cricket tycoon |
| Sir Allen and three former executives are accused of being involved in a scheme which persuaded investors to buy $7bn worth of certificates of deposit from Stanford International Bank, located in Antigua. | Sir Allen and three former executives are accused of being involved in a scheme which persuaded investors to buy $7bn worth of certificates of deposit from Stanford International Bank, located in Antigua. |
| Prosecutors said they "promised returns that were too good to be true". | Prosecutors said they "promised returns that were too good to be true". |
| The unveiling of charges against Sir Allen capped a rapid fall from grace for a man who had shot to prominence in the UK and the Caribbean for his lavish sponsorship of cricket. | The unveiling of charges against Sir Allen capped a rapid fall from grace for a man who had shot to prominence in the UK and the Caribbean for his lavish sponsorship of cricket. |
| Sir Allen invested heavily in West Indies cricket over several years, sponsoring an inter-island Twenty20 competition and building his own cricket ground in Antigua, the island where his financial group, Stanford Financial Services, was based. | Sir Allen invested heavily in West Indies cricket over several years, sponsoring an inter-island Twenty20 competition and building his own cricket ground in Antigua, the island where his financial group, Stanford Financial Services, was based. |
| A long-standing friend of Antigua, where he was awarded citizenship and a knighthood, Sir Allen bankrolled a high-profile $20m cricket match between England and a Stanford All-Stars team on the island last year. | A long-standing friend of Antigua, where he was awarded citizenship and a knighthood, Sir Allen bankrolled a high-profile $20m cricket match between England and a Stanford All-Stars team on the island last year. |
| But his deals with English cricket began to unravel soon afterwards and were officially cancelled when the US levelled major fraud charges against him. | But his deals with English cricket began to unravel soon afterwards and were officially cancelled when the US levelled major fraud charges against him. |